Though TEB inventor Song Youzhou has insisted the company is still operating normally, sources told China’s The Paper that a major TEB investor has now cut off further funds.
In May, California regulators issued a cease-and-desist order to the company for running without permits. The company immediately said in an announcement it would be “offline” for the week, however, the service never returned.
As part of the proposed blueprint for remaking the city filed in bankruptcy court, the department discussed several inefficiencies as well as a plan to address them over the next few years.
The filing, which was approved by the board of directors last week, lists assets of $14 million and debts of $37.5 million
Ventura County Transportation Commission officials say if the shutdown of VISTA cannot be somehow avoided and that they need more time to find another company to provide bus service. They say they are asking Coach America to keep the buses on the streets for at least another month.
The one-week delay reflects the timely submission from the Pre-Petition First Lien Agent, pursuant to Section 9.1 of the Prepetition First Lien Credit Agreement, of its intent to submit a Credit Bid under Section 363 of the U.S. Bankruptcy Code.
Approved to obtain interim financing authority, to maintain existing cash management systems, and to pay vendors and suppliers in the ordinary course of business.
Decision was made with a focus on reducing its debt and advancing the best interests of the company and its stakeholders. Coach America has obtained a commitment for $30 million in financing, subject to approval by the Bankruptcy Court, which will support the company's fleet investment and help ensure the continuation of normal operations.
Through the sale, company has de-leveraged its balance sheet and recapitalized to poise itself for growth in the coming years. Krystal is partnering with Thunder Sky to introduce new, green vehicles in the near future.
An auction for the luxury motorcoach firm, MTR Western, was scheduled Wednesday morning, but of the two expected bidders only GTO submitted an offer for substantially all the bus assets.
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